Mid-cap stocks in India are experiencing a significant decline due to concerns about slowing earnings growth and high valuations.
On Friday, the Nifty Midcap 100 index dropped by 2.9%, which is more than a 10% decline from its recent peak, meeting the criteria for a technical correction.
This decline has been worsened by foreign portfolio managers selling heavily throughout the month, following a strong rally that saw the index rise by around 30% until September 23.
Investors are now reevaluating their positions in response to the changing market sentiment.